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Family Business Leadership: How to Survive a Crisis

Family Business CrisisMany family business leadership groups struggle with a crisis or an emergency. You can only plan for so many problems before being caught off guard. Even trying to correct a course of action can have undesired effects. Your family business may need help from outside of your immediate organization.

At Positively People, we help brands like yours realize their fullest potential. In this blog we talk about our tips for weathering the next storm your firm could face.

Keep the Family in “Family Governance”

A crisis leaves everyone on edge and feeling uncertain about their future. Plus, you can’t always control how others will take any bad news.

International crises, such as the Pandemic, can take its toll on even the healthiest minds. You can’t expect everyone to stave off fear and anxiety. Stress and panic can overwhelm the brain, forcing it into making poor decisions. 

Don’t Sink with the Ship

Some leaders include failing with the business into their continuity planning. They may not realize that their family needs them to rally. Other firms feel defeated by COVID numbers and local health restrictions. They may have lost the spark of passion that they had before. 

Even when things feel hopeless, there’s always a chance to fight back. Family business consulting may be something you need to invest in to help see what the future has in store for you and your business.

Take a Breath

In the center of a crisis, it’s easy to become overwhelmed by stress. When that happens, your fight or flight response usually takes control.

Give yourself space to remove yourself from the problem and reanalyze the crisis mentally. Take a walk around the block to clear your mind if you need to. Even the most experienced family business leader doesn’t have all the answers. Take control of stress and anxiety with family business succession planning.

Clearly Communicate Your Thoughts and Actions

One thing that can worsen a family’s stress is not knowing the plan. The unknown hurts the situation when you take an “I’ll handle it” mentality. During any crisis, people need to know how things will change. Keep others in the loop with frequent updates, and carefully listen to others.

Keeping an eye on everyone’s mental state can mitigate the collective stress. It’s important to ensure everyone stays on the same page until the crisis ends.

Stay Close to Loved Ones

Everyone is feeling more isolated now than ever before, even with their family members. It’s never felt this difficult to want to be around others. However, those outside of the business aren’t always informed on the future. Relatives that aren’t physically nearby may especially drift apart from others.

You might need to make a point of contacting specific family members directly. Doing so can help to ease the collective tension of the group.

Improve Your Family Business Leadership Skills

We work with family businesses like yours to help them realize their fullest potential. Whether you have an experienced board or a new startup, we can help.

We assist firms across many different industries giving insight that you can trust. Positively People can help you prepare your brand for the next crisis. Learn more about Positively People services. Contact us today for a consultation.